IslamicFinance.de

Dubai Financial Services Authority (DFSA) has published the UAE’s first Guiding Principles on Sustainable Finance. The Guiding Principles are the result of co-operative efforts among a number of authorities in the UAE, namely the Dubai Financial Services Authority, the Central Bank, the Insurance Authority, the Securities and Commodities Authority, the Financial Services Regulatory Authority of the Abu Dhabi Global Market, the Ministry of Climate Change and Environment, the Dubai Islamic Economy Development Centre, the Dubai Financial Market, Nasdaq Dubai, and the Abu Dhabi Securities Exchange. The Guiding Principles are based on the United Nations Agenda for Sustainable Development and will serve as a catalyst for the implementation of the UAE’s sustainability priorities.

The Dubai Financial Services Authority (DFSA) recently hosted the International Accounting Standards Board (IASB) as part of a consultancy meeting. The Authority's involvement reflects its commitment to developing an effective and supportive regulatory framework for Islamic finance. The DFSA is a member of the Islamic Finance Consultative Group (IFCG), which focuses on challenges that may arise in the application of International Financial Reporting Standards (IFRS). The meeting was attended by IFCG members from Bahrain, Indonesia, Malaysia, Pakistan, Saudi Arabia, the UAE and the United Kingdom.

The Dubai Financial Services Authority (DFSA) and Hong Kong’s Securities and Futures Commission (SFC) have signed an agreement to cooperate on Fintech innovation. The two public entities said the agreement will further strengthen the efforts of both authorities to develop an innovation-friendly ecosystem and regulatory environment. This continues a trend by both countries to ink bilateral relationships to boost emerging technology within the financial sector. The agreement was signed in Hong Kong by DFSA chief executive Ian Johnston and Ashley Alder, chief executive of the SFC. This step follows the introduction of regulations formalising a tailored regime for loan and investment crowdfunding platforms earlier this month. It also follows the launch of the FinTech Hive at DIFC and its Innovation Testing Licence (ITL).

The Dubai Financial Services Authority (DFSA) launched its regulatory framework for loan and investment-based crowdfunding platforms. The DFSA crowdfunding regulations have the ability to catalyse growth in the FinTech industry by targeting the specific requirements of crowdfunding platforms. The regulations ensure clear governance for FinTech businesses and provide appropriate protection for their customers. They also formalise the DFSA’s approach to regulating crowdfunding platforms which had operated since 2016. Data provided by the Khalifa Fund shows that approximately 50-70% of SMEs have had their applications for funding from conventional banks rejected. Crowdfunding is expected to grow further in importance in the UAE as entrepreneurs seek alternative sources of funding.

The Islamic Financial Services Board (IFSB) and the Dubai Financial Services Authority (DFSA) successfully organised a Joint Seminar themed "The Role of Sukuk and Securitisation to Support New Financial Regulations". Ian Johnston, Chief Executive of the DFSA welcomed the IFSB and the Joint Seminar’s participants. He discussed the need for the industry to think laterally to address the shortage of liquidity management tools at Islamic institutions. The panel offered insight into sukuk instruments and the Islamic capital market developments. A panelist mentioned that there is expected to be 70bn USD of new issuance during 2017; however this is not enough to keep up with the projected growth of the Islamic finance industry. To resolve the impediments, the industry needs more standardisation in terms of legal documentation and Shariah interpretations. The Joint Seminar ended with the panel emphasising the need for liquidity generation initiatives to be supported at the regulatory and government levels.

The Dubai Financial Services Authority (DFSA) has published its new financial technology (fintech) consultation paper. The paper is the third in a series, setting out the DFSA’s approach to the regulation of pioneering fintech activities. The paper sets out the DFSA’s approach to FinTech firms that want to test innovative products and services in the Dubai International Financial Centre (DIFC). Firms meeting the qualifying criteria will receive a Financial Services Licence, referred to as an Innovation Testing Licence. The testing phase is a step towards the FinTech firm obtaining a full Financial Services Licence.

The Dubai Financial Services Authority (DFSA) issued a warning about scams which have cloned firms registered in the Dubai International Financial Centre (DIFC). The scammers use the names, the registration numbers, and the addresses and contact details of genuine firms registered in the DIFC to create false websites. The purpose of the creation of these false websites is to facilitate advanced fee scams by adding legitimacy to the scam.

The Cayman Islands Monetary Authority and the Dubai Financial Services Authority made an understanding through a memorandum of understanding. The MOU was signed by Cindy Scotland, CIMA’s Managing Director.
This MOU adds to a list of other 20 existing MOUs and will help the cooperation and the exchange of information between the organisations.